ERP and Enterprise Performance Management Best Practices

December 11, 2016

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Best Practices: ERP and Enterprise Performance Management

In today’s economy the ability to make fact-based decisions faster and with a higher degree of confidence can be the difference between success as a growing business or a company becoming part of a statistic. The tools that are at business’ disposal aren’t always equal in their ability to provide this confidence or the numbers to support these decisions. In other words, not all systems are created equal.

In the world of financial consolidations and reporting there are three main options that companies can leverage to drive this process – enterprise resource planning (ERP) and enterprise performance management (EPM) systems, or a spread sheet tool like MS Excel. While each of these tools has the capability to consolidate, close, and make financial information available to limited parts of the organization, there is one that stands out. Enterprise performance management is the clear leader to provide all those capabilities along with the flexibility, advanced analytics, and better decision making that financial leaders need to provide all decision makers today more than ever.

The following discussion will demonstrate the clear advantages that these applications have over ERPs and spreadsheets with the primary focus centered on the difference between ERP and EPM. Spreadsheet tools are ripe with audit, scalability, latency and accuracy concerns that they can’t be considered as a solution for financial consolidation and close reporting in today’s ever changing regulatory environment.

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